Optimal Voucher Privatization Fund Bids When Bidding Affects Firm Performance
Voucher privatization has emerged as a feature of the transition in post-communist economies. While the choice problem facing voucher holders is strikingly similar to the conventional portfolio choice problem, the voucher portfolio problem (VPP) has two important distinguishing characteristics. First, the proportion of ownership that will result from a given voucher bid for the shares of a firm offered for privatization is unknown. This follows since a pre-auction share price is lacking and knowledge of other competing voucher bids is not available. Second, the performance of the privatized firm will depend on the composition of ownership, and, as a consequence of the first characteristic, cannot be known at the time a voucher bid is submitted. In this paper we investigate the VPP when these characteristics prevail and when the bidders have various skills in managing and restructuring firms in which they have acquired ownership shares.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
|Date of creation:||Nov 1995|
|Contact details of provider:|| Postal: New York University, Leonard N. Stern School of Business, Department of Economics, 44 West 4th Street, New York, NY 10012-1126|
Phone: (212) 998-0860
Fax: (212) 995-4218
Web page: http://w4.stern.nyu.edu/economics/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Barbara G. Katz & Joel Owen, 1993. "Designing an Optimal Privatization Plan for Restructuring Firms and Industries in Transition," Working Papers 93-24, New York University, Leonard N. Stern School of Business, Department of Economics.
- Philippe Aghion & Olivier J. Blanchard, 1994.
"On the Speed of Transition in Central Europe,"
NBER Chapters,in: NBER Macroeconomics Annual 1994, Volume 9, pages 283-330
National Bureau of Economic Research, Inc.
- Aghion, P. & Blanchard, O.J., 1993. "On the Speed of Transition in Central Europe," Working papers 93-8, Massachusetts Institute of Technology (MIT), Department of Economics.
- Blanchard, Olivier Jean & Aghion, Philippe, 1994. "On the Speed of Transition in Central Europe," Scholarly Articles 4481322, Harvard University Department of Economics.
- Boycko, Maxim & Shleifer, Andrei & Vishny, Robert W., 1997. "Privatizing Russia," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262522284, January.
- Maxim Boycko & Andrei Shleifer & Robert W. Vishny, 1993. "Privatizing Russia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(2), pages 139-192.
- Boycko, Maxim & Shleifer, Andrei & Vishny, Robert W., 1994. "Voucher privatization," Journal of Financial Economics, Elsevier, vol. 35(2), pages 249-266, April.
- Maxim Boycko & Andrei Shlelfer & Robert Vishny, 1993. "Voucher Privatization," University of Chicago - George G. Stigler Center for Study of Economy and State 85, Chicago - Center for Study of Economy and State.
- Philippe Aghion & Olivier Jean Blanchard, 1994. "On the Speed of Transition Central Europe," NBER Working Papers 4736, National Bureau of Economic Research, Inc.
- repec:hrv:faseco:30704159 is not listed on IDEAS
- repec:hrv:faseco:30724330 is not listed on IDEAS
- Roland, Gerard & Verdier, Thierry, 1994. "Privatization in Eastern Europe : Irreversibility and critical mass effects," Journal of Public Economics, Elsevier, vol. 54(2), pages 161-183, June.
- Roland, G. & Verdier, T., 1991. "Privatization in Eastern Europe: Irreversibility and Critical Mass Effects," DELTA Working Papers 91-21, DELTA (Ecole normale supérieure).
- Roland, Gérard & Verdier, Thierry, 1992. "Privatization in Eastern Europe: Irreversibility and Critical Mass Effects," CEPR Discussion Papers 612, C.E.P.R. Discussion Papers.
- Roland, G. & Verdier, T., 1991. "Privatisation in Eastern Europe: Irreversibility and Critical Mass Effects," Papers 9105, Universite Libre de Bruxelles - C.E.M.E..
- Laban, Raul & Wolf, Holger C, 1993. "Large-Scale Privatization in Transition Economies," American Economic Review, American Economic Association, vol. 83(5), pages 1199-1210, December.
- Katz Barbara G. & Owen Joel, 1993. "Privatization: Choosing the Optimal Time Path," Journal of Comparative Economics, Elsevier, vol. 17(4), pages 715-736, December. Full references (including those not matched with items on IDEAS)